Whether you're upsizing, downsizing, or making a strategic move — buying a home in British Columbia is a significant financial decision. This guide cuts through the noise so you know exactly what to expect from offer to keys.
Here's how a purchase unfolds in BC — from getting your financing sorted to holding the keys.
Before anything else — understand your full picture. If you're selling and buying simultaneously, your equity position shapes everything: your down payment, your budget, and whether you buy first or sell first. Lenders will stress-test your mortgage at a rate 2% above your contract rate.
Pre-approval locks in a rate (usually for 90–120 days) and confirms your purchasing power. Even if you've bought before, your qualification amount changes with every rate environment. Sellers won't take you seriously without it.
A buyer's agent costs you nothing — the seller pays the commission. Your REALTOR® gives you access to MLS listings the moment they hit the market, provides comparable sales data so you know what a fair price looks like, and protects your interests through negotiations.
Your REALTOR® will write a Contract of Purchase and Sale. You'll choose a price, deposit amount, completion date, and any conditions — typically subject to inspection and subject to financing. In competitive markets, the strength of your offer matters as much as the price.
During the subject period (usually 7–14 days), you'll confirm financing and complete a home inspection. The inspection covers structure, roof, electrical, plumbing, HVAC, and more. If something significant is found, you can renegotiate or walk away — even as an experienced buyer, never skip this step.
Once you're satisfied, you remove your conditions in writing. The deal is now firm and binding. You'll confirm your final mortgage documents, secure home insurance, and meet with your lawyer to review title transfer and any adjustments.
On completion day, your lawyer transfers the funds, the title registers in your name, and your REALTOR® meets you with the keys. Possession usually happens the same day or the day after completion.
Beyond your down payment, set aside an additional 2–4% of the purchase price for closing costs. These apply regardless of whether you've bought before.
The process is familiar — but the market isn't static. Here's where to focus your energy first.